Who lends for India's homes, gold, vehicles and small loans
32 listed companies earned ₹748,952 crore from lending outside banks in FY26, up 14.5% on FY25. Power Finance Corporation Ltd earned the most, 15.4% of it. Power Finance Corporation Ltd earned the most on each rupee of sales: 97.2%.
The brands, and who owns them
iMuthoot, Muthoot Money, Belstar, Loan@Home are Muthoot Finance Ltd's; Udyog Plus is Aditya Birla Capital Ltd's; Mahindra Home Finance is Mahindra & Mahindra Financial Services Ltd's; Sambhav Housing is Bajaj Housing Finance Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Power Finance Corporation Ltd had 15.4% of the listed companies' revenue from lending outside banks here, 1.4 times as much as Bajaj Finance Ltd, the next largest. The two together sold 26%; the other 30 the rest.
What it is made of
Of the sales reported by product line, vehicle loans is the largest at ₹96,257 Cr, then personal loans at ₹81,982 Cr.
How the sales have grown, and who sold them
The listed companies here earned ₹7.49 lakh Cr from lending outside banks in FY26. Counting only the companies with figures in both years, sales went from ₹1.83 lakh Cr in FY19 to ₹4.54 lakh Cr, 2.5 times as much. The biggest rise was in FY24 (+20%) and the weakest year FY22 (+7%). Power Finance Corporation Ltd's part of the total went from 30% in FY19 to 15% in FY26. Over three years Poonawalla Fincorp Ltd grew fastest, +42.2% a year. Some companies are counted only from a later year (Bajaj Finserv Ltd from FY25; Tata Capital Ltd from FY26; LIC Housing Finance Ltd from FY25; Cholamandalam Investment & Finance Company Ltd from FY25; Aditya Birla Capital Ltd from FY25; Mahindra & Mahindra Financial Services Ltd from FY25; HDB Financial Services Ltd from FY26; Larsen & Toubro Ltd from FY25; Manappuram Finance Ltd from FY25; Sundaram Finance Ltd from FY25; Indian Renewable Energy Development Agency Ltd from FY24; Ashok Leyland Ltd from FY25; TVS Motor Company Ltd from FY25; Kotak Mahindra Bank Ltd from FY25; Bajaj Auto Ltd from FY25; Authum Investment & Infrastructure Ltd from FY26; Jio Financial Services Ltd from FY24; Kirloskar Oil Engines Ltd from FY25; Motilal Oswal Financial Services Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of revenue from lending outside banks. Power Finance Corporation Ltd earned 97.2% on its sales in FY26, against 19.1% in FY17. Bajaj Finance Ltd earned 66.4% on its sales in FY26, against 28.2% in FY17; its best year was FY25 at 67.2%. Bajaj Finserv Ltd earned 32.0% on its sales in FY26, against 32.9% in FY25. REC Ltd earned 95.7% on its sales in FY26, against 36.8% in FY17; its best year was FY25 at 96.2%. Shriram Finance Ltd earned 72.3% on its sales in FY26, against 17.8% in FY17; its best year was FY25 at 74.0%. Muthoot Finance Ltd earned 81.1% on its sales in FY26, against 33.0% in FY17.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Power Finance Corporation Ltd | ₹115,444 Cr | +8.4% | +14.1% | +10.0% | 97.2% | 26.9% | — | 4.3 | 20.7% | -14.1% |
| Bajaj Finance Ltd | ₹81,982 Cr | +17.7% | +25.5% | +25.2% | 66.4% | 13.1% | — | 30.1 | 18.6% | -3.6% |
| Bajaj Finserv Ltd Sells in 28 states and 2 countries; exports 0.0% of turnover |
₹79,887 Cr | +18.1% | — | — | 32.0% | 6.1% | 4.6% | 27.6 | 15.4% | -13.1% |
| REC Ltd | ₹59,584 Cr | +5.7% | +14.7% | +10.9% | 95.7% | 13.7% | — | 5.0 | 20.2% | -17.1% |
| Shriram Finance Ltd | ₹48,133 Cr | +15.1% | +16.4% | +22.5% | 72.3% | 8.3% | — | 17.4 | 16.4% | +46.5% |
| Muthoot Finance Ltd iMuthoot, Muthoot Money, Belstar, Loan@Home Sells in 22 states; exports 0.0% of turnover |
₹31,209 Cr | +54.4% | +37.6% | +22.0% | 81.1% | 6.1% | — | 9.3 | 30.6% | -18.4% |
| Tata Capital Ltd | ₹30,494 Cr | — | — | — | 21.0% | 1.5% | 2.3% | 25.4 | 9.6% | +2.5% |
| LIC Housing Finance Ltd | ₹28,703 Cr | +2.5% | — | — | 24.7% | 1.7% | 2.2% | 5.4 | 14.4% | -0.3% |
| Indian Railway Finance Corporation Ltd | ₹27,338 Cr | +0.7% | +4.5% | +11.6% | 25.6% | 1.7% | — | 14.5 | 12.8% | -36.1% |
| Cholamandalam Investment & Finance Company Ltd Sells in 26 states; exports 0.0% of turnover |
₹25,741 Cr | +21.5% | — | — | 23.9% | 1.5% | 3.3% | 23.9 | 19.3% | -1.5% |
| Aditya Birla Capital Ltd Udyog Plus Sells in 28 states; exports 0.0% of turnover |
₹21,030 Cr | +21.4% | — | — | 23.1% | 1.2% | 2.3% | 25.3 | 11.5% | +29.1% |
| SBI Cards & Payment Services Ltd Sells in 28 states; exports 3.39% of turnover |
₹20,708 Cr | +11.1% | +13.2% | +16.3% | 14.1% | 0.7% | — | 23.9 | 14.7% | -37.5% |
| Mahindra & Mahindra Financial Services Ltd Mahindra Home Finance |
₹19,578 Cr | +14.6% | — | — | 18.6% | 0.9% | 2.3% | 13.9 | 12.5% | +13.3% |
| L&T Finance Ltd | ₹17,914 Cr | +12.5% | +4.8% | +4.8% | 59.8% | 2.6% | — | 21.1 | 11.7% | +1.8% |
| HDB Financial Services Ltd | ₹17,206 Cr | — | — | — | 19.6% | 0.8% | 2.7% | 18.3 | 13.9% | -17.7% |
| Larsen & Toubro Ltd | ₹17,094 Cr | +14.0% | — | — | 23.6% | 1.0% | 2.9% | 30.5 | 14.8% | -1.9% |
| Housing & Urban Development Corporation Ltd | ₹13,150 Cr | +27.6% | +22.9% | +12.6% | 92.4% | 2.9% | — | 7.7 | 20.2% | -27.0% |
| Piramal Finance Ltd | ₹11,852 Cr | +10.3% | +21.0% | +6.1% | 63.9% | 1.8% | — | 27.3 | 5.5% | — |
| Bajaj Housing Finance Ltd Sambhav Housing Sells in 20 states; exports 0.0% of turnover |
₹11,150 Cr | +16.7% | +25.3% | +28.7% | 29.8% | 0.8% | — | 25.6 | 12.1% | -22.9% |
| Manappuram Finance Ltd | ₹9,525 Cr | -5.5% | — | — | 13.3% | 0.3% | 1.7% | 19.9 | 11.0% | +15.2% |
| Sundaram Finance Ltd | ₹9,069 Cr | +18.1% | — | — | 27.0% | 0.6% | 3.0% | 21.0 | 15.4% | -4.3% |
| PNB Housing Finance Ltd | ₹8,505 Cr | +11.0% | +9.2% | +2.2% | 93.7% | 1.9% | — | 13.8 | 12.9% | +45.3% |
| Indian Renewable Energy Development Agency Ltd | ₹8,310 Cr | +23.3% | — | — | 87.1% | 1.7% | — | 15.4 | 15.6% | -29.9% |
| Ashok Leyland Ltd Sells in 28 states and 50 countries; exports 7.03% of turnover |
₹8,049 Cr | +29.8% | — | — | 11.8% | 0.2% | 1.3% | 24.9 | 28.9% | +8.8% |
| TVS Motor Company Ltd Sells in 29 states and 90 countries; exports 24.0% of turnover |
₹7,200 Cr | +10.0% | — | — | 17.4% | 0.3% | 3.5% | 55.6 | 34.2% | +14.4% |
| Poonawalla Fincorp Ltd | ₹6,790 Cr | +62.1% | +42.2% | +23.6% | 51.4% | 0.8% | — | 34.3 | 5.9% | -14.8% |
| Kotak Mahindra Bank Ltd Sells in 30 states and 2 countries; exports 0.0% of turnover |
₹6,152 Cr | +5.6% | — | — | 23.5% | 0.3% | 2.4% | 21.5 | 11.1% | +2.0% |
| Bajaj Auto Ltd Sells in 28 states and 106 countries; exports 34.0% of turnover |
₹3,248 Cr | +212.3% | — | — | 27.4% | 0.2% | 4.5% | 24.5 | 29.3% | +13.3% |
| Authum Investment & Infrastructure Ltd Sells in 14 states; exports 0.0% of turnover |
₹1,362 Cr | — | — | — | 83.3% | 0.3% | 23.1% | 22.0 | 13.2% | -13.2% |
| Jio Financial Services Ltd Sells in 1 states; exports 0.0% of turnover |
₹949 Cr estimate |
+17.8% | — | — | — | — | — | 67.6 | 2.5% | -28.7% |
| Kirloskar Oil Engines Ltd Exports 9.94% of turnover |
₹877 Cr | +12.3% | — | — | 10.5% | 0.0% | 1.4% | 58.0 | 14.6% | +150.8% |
| Motilal Oswal Financial Services Ltd Sells in 22 states and 6 countries; exports 0.23% of turnover |
₹720 Cr | +10.5% | — | — | 29.0% | 0.1% | 3.3% | 32.5 | 12.2% | +7.0% |
Also sold by
See every one of these companies in Valarth
Questions people ask
Who lends for India's homes, gold, vehicles and small loans?
32 listed companies report their revenue from lending outside banks: Power Finance Corporation Ltd (PFC), Bajaj Finance Ltd (BAJFINANCE), Bajaj Finserv Ltd (BAJAJFINSV), REC Ltd (RECLTD), Shriram Finance Ltd (SHRIRAMFIN), Muthoot Finance Ltd (MUTHOOTFIN), Tata Capital Ltd (TATACAP), LIC Housing Finance Ltd (LICHSGFIN). 2 more sell them but report them together with other products.
Which listed company earns the most from lending outside banks in India?
Power Finance Corporation Ltd, with revenue from lending outside banks of ₹115,444 crore in FY26: 15.4% of the listed companies' total here.
How much do listed companies earn from lending outside banks?
The listed companies here earned ₹748,952 crore from lending outside banks in FY26, up 14.5% on FY25. Private makers are not included.
Which listed company makes the most profit from lending outside banks?
Power Finance Corporation Ltd: its operating profit was 97.2% of its revenue from lending outside banks in FY26.
Who owns iMuthoot?
iMuthoot is a brand of Muthoot Finance Ltd, listed on the NSE as MUTHOOTFIN.
Who owns Muthoot Money?
Muthoot Money is a brand of Muthoot Finance Ltd, listed on the NSE as MUTHOOTFIN.
Who owns Udyog Plus?
Udyog Plus is a brand of Aditya Birla Capital Ltd, listed on the NSE as ABCAPITAL.
Who owns Mahindra Home Finance?
Mahindra Home Finance is a brand of Mahindra & Mahindra Financial Services Ltd, listed on the NSE as M&MFIN.
Who owns Sambhav Housing?
Sambhav Housing is a brand of Bajaj Housing Finance Ltd, listed on the NSE as BAJAJHFL.